Assessment order based only on AIR report not sustainable

DCIT Vs. Shree G. Selva Kumar (ITAT Bangalore), ITA No. 868/Bang/2009, Date- 22nd day of October, 2010 The assessee is an individual engaged in the business of real estate development, filed his return of income on 31.10.2006 for the A.Y. 2006-07 admitting an income of Rs.13,85,470. The case was taken up for scrutiny under CASS and notices were issued u/s. 143(2) and 142(1) of the Act. As per the AIR received by the Revenue, it was revealed that the assessee had purchased Immovable property located at No.488, 1st KIADB 14th Cross, Peenya, Bangalore – 560058 for a consideration of 70,00,000/-...